The electrolyser manufacturer Thyssenkrupp Nucera booked orders worth 316 million euros in the second quarter of its 2025/2026 fiscal year (January to March 2026). This is nearly four times the previous year's figure of 83 million euros. The order backlog increased to 732 million euros as of March 31, 2026, from 606 million euros at the end of September 2025. In the first half of the year, order intake rose by 119 percent to 391 million euros.
Moeve orders 300 MW electrolyser for Andalusia
In the Green Hydrogen (gH2) segment, the Dortmund-based company received an order from the Spanish energy company Moeve for electrolysers with a total capacity of 300 megawatts. They are intended for the "Andalusian Green Hydrogen Valley" project, which, according to Thyssenkrupp Nucera, is set to become the largest green hydrogen plant in Southern Europe. Additionally, the company was awarded a front-end engineering and design study (FEED) for a 260 MW hydrogen project in India. Order intake in the gH2 segment totaled 176 million euros in the quarter, compared to just 4 million euros in the previous year's quarter.
In the Chlor-Alkali (CA) segment, order intake nearly doubled to 140 million euros. As early as December 2025, Thyssenkrupp Nucera had signed a contract for a project in the Middle East, which, according to the company, is to supply one of the world's largest PVC production complexes. It is the largest single order in the company's history.
New service portfolio and plug-and-play plant
Thyssenkrupp Nucera is expanding its product portfolio with two offerings. The company offers a 360-degree service portfolio for the entire lifecycle of plants for green hydrogen and chlor-alkali electrolysis. In addition, the company is introducing a standardized 120 MW plug-and-play electrolysis system solution as a complete plant for the production of green hydrogen.
"Thyssenkrupp nucera identifies crucial developments in the electrolysis market early and consistently and develops the product portfolio specifically along customer requirements," says Werner Ponikwar, CEO of Thyssenkrupp Nucera. "This allows us to tap into additional, high-margin growth areas."
Revenue and earnings fall due to special effects
Group revenue fell by 77 percent to 50 million euros in the second quarter (previous year's quarter: 216 million euros). Earnings before interest and taxes (EBIT) fell to –65 million euros from –4 million euros in the previous year's quarter. According to the company, this is due to higher costs in ongoing projects in the gH2 area and the termination of a pilot project contract. The background is early introduced further developments before upcoming commissioning. Free cash flow, on the other hand, improved to 9 million euros from –5 million euros in the previous year's quarter.
The company confirms the annual forecast updated in March: Order intake is expected to be between 550 and 850 million euros, revenue between 450 and 550 million euros, and EBIT between –80 and –30 million euros.
For the gH2 segment, thyssenkrupp nucera expects revenue between 120 million and 170 million euros (2024/2025: 459 million euros) and EBIT between –125 million and –90 million euros (2024/2025: –56 million euros). In the CA segment, revenue is expected to be between 320 million and 400 million euros (2024/25: 387 million euros) and EBIT between 45 million and 65 million euros (2024/2025: 58 million euros).
"In light of the challenges in the global hydrogen market, we are pursuing consistent cost discipline and continuously reviewing our strategic orientation," says Stefan Hahn, CFO of Thyssenkrupp Nucera. "However, the strong increase in order intake underscores the currently positive momentum in the hydrogen business and improves its short- and medium-term predictability."
